Today we are going to take a look at a new ICO called Globitex, which is aiming to bring a new and exciting kind of exchange to the world of cryptocurrencies.
Now you may be thinking that the market is already quite saturated with crypto exchanges and there are new ones popping up all the time, not to mention talk of decentralised exchanges, atomic swaps and more.
But Globitex are planning to deliver some elements that no other exchanges offer and to do something that would really add value to the world of Bitcoin. They are thinking BIG.
Basically the major goal for them is to have an exchange where you can trade Bitcoin for real-world commodities like gold, silver, corn and oil.
This will be in addition to the more traditional forms of exchange, with forex, between fiat currencies and cryptocurrencies and between different cryptos. Plus they aim to have Bitcoin futures, swaps and options on the platform, so it will be a pretty comprehensive trading experience.
The team behind it looks very strong and that should give them a good chance of succeeding, but we will have a look at that and the ICO in more detail below.
What Globitex is All About
As we say, Globitex is an exchange that will allow people to trade Bitcoin for a host of other derivatives.
The exchange is already up and running and you can go and test it here. It is high quality and professional with a clean, crisp look to it that is in contrast to a lot of the existing cryptocurrency exchanges. This is not just another bog-standard cryptocurrency exchange but an institutional grade Bitcoin exchange.
At the moment it just has the Bitcoin/Euro and Bitcoin Cash/Euro trading pairs, but there are big plans to add a whole range of other pairs in the future.
Here are the items they intend to add to the exchange and when they estimate these will be added:-
- – Q1 2018 – Launch of other cryptocurrency trading pairs
- – Q2 2018 – Launch of additional fiat trading pairs (forex)
- – Q1 2019 – Bitcoin Settled Commodity Futures
- – Q2 2019 – Cryptocurrency futures, swaps and vanilla options
- – Q3 2019 – Bitcoin Priced Commodity Index
- – Q3 2019 – Physically deliverable precious metals
- – Q4 2019 – Physically deliverable other commodities
So as you can see, quite an awesome list there in terms of what they plan to add to the trading platform.
The only downside we can see is that some of the more impressive aspects of the roadmap won’t be delivered until 2019, but that is not unusual for an ambitious ICO like this and the main thing is that they deliver it successfully. If they do it will be worth the wait.
Imagine what impact it could have on Bitcoin to have it tradable with physical commodities. It would mean a fundamental economic shift in terms of integrating Bitcoin and other digital currencies into the mainstream financial world. The impact on the cryptocurrency market would be significant and it could act as a real game-changer.
Globitex will also have customizable screens and graphs on their exchange, much like you have for stockmarket platforms such as MT4. They will also have a high quality API for algorithmic traders that will be fast and efficient.
Overall this looks like an awesome project and if they can deliver it not only would it be a tremendous success for Globitex but it would be likely to have a significant impact on Bitcoin’s integration into the wider economy.
The pre-sale has already been completed and was sold out.
The public token sale begins on 10th February 2018 and the hard cap will be €10m.
The standard token price for Globitex Tokens (GBX) will be €0.10.
The minimum contribution will be €10 and the maximum will be €3m.
There is a bonus of 10% for the first 5 million Globitex Tokens sold and a bonus of 5% for the next 10 million.
In terms of the token distribution, 65% will be distributed to participants in the token sale whilst 35% will be maintained for the company.
We understand residents of the USA will not be able to participate in the token sale.
Given the relatively low hard cap and the quality of the project, we expect this token sale to sell out – and possibly fairly quickly.
GBX Tokens will be usable to cover commission payments for the trades made on the Globitex platform.
All registered clients of the Globitex exchange will be able to redeem GBX tokens as payment for commissions.
There will be an initial premium on the tokens of at least 20%, such that if for example one GBX = €0.10, then if you use GBX for trades you will receive GBX 1 = EUR 0.10 + 20%. This bonus is likely to increase over time depending on the project’s success.
You can find more details about the token in the White Paper.
The Globitex Team
As we have said many times, the quality of the team is crucial as to whether a project can be delivered successfully.
Thankfully the Globitex team looks first class and has exactly the kind of skills we would expect to see for this kind of venture.
Here are the some key members of the team:-
- – Liza Aizupiete, Managing Director – executive roles in Asset Management with MTG Capital Group. Previously worked in research and fund management with one of the leading Swiss microfinance institutions – Symbiotics.
- – Jon Matonis, Chairman – formerly Executive Director and a Founding Board Member for the Bitcoin Foundation; as well as Managing Director for the Lydia Group; and worked as the CEO and Board Director of Network Inference, and before with Hush Communications.
- – Arvis Ermins – previously worked for Deloitte & Touche Latvia and the Constitutional Court of Latvia. Was a founding partner of MTG group.
- – Mark O’Byrne – research director of GoldCore which he founded in 2003. He is a leading international gold expert and a respected speaker on precious metals, investments, markets, geo-politics, finance, fintech and money.
There are twelve team members in total listed on the Globitex website and as you can see from the list above, there is an impressive range of skills listed.
Of particular note is the inclusion of Jon Matonis, a huge figure in the crypto world having been a founding board member of the Bitcoin Foundation. Having his presence at the company is a big plus and should give them a good chance of success, alongside the other range of skills they have.
Perhaps it is not the biggest team we have seen in an ICO, but we have the impression it is the right size for the scale of project they are intending to deliver and they will be able to draw upon additional skills and expertise if required and will have the right connections to do so.
Conclusion – An Exchange with a Difference
When we first heard about Globitex, we thought “oh no, not another exchange!” but actually this is an exchange with a difference to all the cryptocurrency exchanges around at the moment.
They are thinking big and want to deliver something that would be quite revolutionary. If you could trade Bitcoin for actual physically deliverable commodities it would be amazing and would make a significant impact on the adoption of Bitcoin into the wider economy.
They will also have a very broad range of pairs tradable on the exchange, with everything from forex to options, futures and of course crypto-to-crypto.
Plus the Globitex platform is a high-quality, institutional grade platform with the kind of tools you expect from the major stockmarket and FX platforms. That is in contrast to the majority of current crypto exchanges which tend to be quite poor in quality.
The only downside is that it will be quite a while until some of their major developments like the Bitcoin to commodities functionality will be available, but it is not unusual to see a long roadmap for an ambitious ICO like this.
The key question is whether they can deliver the roadmap and we believe they have the right skills to be able to do that.
So overall we think this is a really good, professional project and we will be wishing it every success.
Disclaimer: we are not financial advisors and the above article should not be taken as financial advice. Please do your own due diligence and research and take professional financial advice before investing. All cryptocurrencies are risky ventures so please only invest money you can afford to lose. Your capital is at risk.